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2019•Adhyayan A Journal of Management SciencesOpen access

An Extensive Analysis of Goods and Services Tax (GST) in India

Nitika Kewalani

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Abstract

The goods and services tax (GST) implemented on July 1, 2017, is regarded as the most significant tax reform in India. It is levied on manufacture, sale, and consumption of goods, services, or both at a national level. Previous taxes like- excise duty, VAT, Service tax, Central sales tax, import duty, etc., is replaced by GST. The GST based taxation system brings more transparency and also reduces tax evasion and tax avoidance in the country. This paper highlighted the background of the previous taxation system, the GST concept along with its working, comparison of previous tax structure v/s GST and also highlighted the advantages of GST to the Indian economy and other sectors.

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What this paper is about

The goods and services tax (GST) implemented on July 1, 2017, is regarded as the most significant tax reform in India. It is levied on manufacture, sale, and consumption of goods, services, or both at a national level. Previous taxes like- excise duty, VAT, Service tax, Central sales tax, import duty, etc., is replaced by GST. The GST based taxation system brings more transparency and also reduces tax evasion and tax avoidance in the country. This paper highlighted the background of the previous taxation system, the GST concept along with its working, comparison of previous tax structure v/s GST and also highlighted the advantages of GST to the Indian economy and other sectors.

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Available abstract

The goods and services tax (GST) implemented on July 1, 2017, is regarded as the most significant tax reform in India. It is levied on manufacture, sale, and consumption of goods, services, or both at a national level. Previous taxes like- excise duty, VAT, Service tax, Central sales tax, import duty, etc., is replaced by GST. The GST based taxation system brings more transparency and also reduces tax evasion and tax avoidance in the country. This paper highlighted the background of the previous taxation system, the GST concept along with its working, comparison of previous tax structure v/s GST and also highlighted the advantages of GST to the Indian economy and other sectors.

Key concepts: Excise, Ad valorem tax, Indirect tax, Value-added tax, Tax reform, Goods and services, Business, Transparency (behavior)

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